PNC Bank launches spot Bitcoin service for private banking clients

Major U.S. bank PNC has officially introduced spot Bitcoin (BTC) trading functionality for private banking clients. It is the first case of a major U.S. bank allowing customers to buy and sell Bitcoin directly within its digital banking platform.

On the 9th (local time), crypto-focused media CoinDesk reported that the feature was built on Coinbase's 'Crypto as a Service (CaaS)' infrastructure. The two companies have collaborated on related efforts since 2021, and the official announcement was made in July.

PNC Private Bank customers can buy, sell, and hold Bitcoin within their existing internet and mobile banking systems without opening a separate exchange account. Coinbase handles custody, trade execution, regulatory compliance, and so on on the back end. The structure means the bank does not need to hold the assets directly or register as a crypto broker.

Brett Tejpaul, co-CEO of Coinbase Institutional, said, "This is an example of how traditional financial institutions and on-chain native firms can cooperate to expand access to digital assets in a safe and regulatory-friendly way," adding, "PNC has taken a cautious, phased approach, and we are pleased to support that with institutional-grade infrastructure."

Coinbase CEO Brian Armstrong also said on X (formerly Twitter), "PNC Private Bank customers can buy and sell Bitcoin from their existing accounts," calling PNC "the first major U.S. bank to support this type of service."